Assets are things you own whereas liabilities are debts that you owe to other people. From a personal finance perspective typical assets would be your residence if you own all or part of it, household goods, jewelry, works of art other collectibles, investments such as savings accounts, checking accounts, stocks and bonds. Liabilities are the amounts you owe like loans such as a mortgage if you have one, student loans but also any unpaid bills including unpaid tax bills. Liquid assets are assets that can be turned into cash i.e. liquidated readily. In a real estate market downturn properties can be non-liquid because it may be hard to realize their value. Works of art can also be non-liquid because they are often only bought and sold at certain times of the year through specific markets.